NAAIM_EXPOSURE_INDEX
Active manager equity exposure — where the pros actually are
Official name: NAAIM Exposure Index
Latest value
69.3800
as of 2026-04-08
All-time percentile
47th
1-year change
+40.5%
Time series
Showing 261 of 261 data points
About this series
NAAIM (National Association of Active Investment Managers) Exposure Index. A weekly survey of active investment managers reporting their current equity exposure on a scale from -200 (leveraged short) to +200 (leveraged long). Released weekly since 2006.
Why it matters: Unlike AAII (retail survey) or VIX (option prices), this measures actual positioning by professionals — how much equity they're willing to own right now. When active managers are near max long, there's less marginal buying power left; when they're defensive, there's room for re-leveraging to drive rallies.
How to read it: Typical range 40-80. Above 90 suggests late-cycle FOMO or forced chasing; below 30 suggests defensive positioning (which can be contrarian bullish). The most useful signal is the change, not the level — big drops from elevated levels have preceded corrections, big rebounds from low levels have preceded rallies.
Caveats: Small survey sample. Active manager positioning is less contrarian than retail sentiment — professionals aren't always wrong at extremes. Use alongside AAII for a fuller picture.